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Sunday, February 28, 2010

My study based on 2009 Q4 report (number in '000):
- ROE compare to last Q decreased 0.14% to 3.53% but higher than last year 8.19%
- Revenue compare to last Q dropped 4.52% to 1275555 and profit also dropped 0.32% to 358320, mainly due to weaker luck factor in the premium players business and mitigated by impairment loss of RM48.6 million arising from long term investment; As compare to last year revenue dropped 4.03% and profit also growth 192.39%, mainly due to impairment loss of RM781.5 million in the last year, weaker luck factor in the premium players business and lower interest income this quarter
- Equity compare to last Q increased 3.45% to 10144179, assets increased 2.46% to 11346032 but liabilities decreased 5.15% to 1201853; As compare to last year equity increased 21.85%, assets increased 20.41% and liabilities also increased 9.47%
- Minority interest compare to last Q decreased 1.48% to 6920 and also lower than last year 5.7%
- Got FCF 1094756, NCF 721203
- Profit margin compare to last Q increased 1.18% to 28.09% and also higher than last year 57.27%
- DE compare to last Q decreased 0.0107 to 0.1185 and also lower than last year 0.0134
- 4.3 sen dividend recommended
- My estimate next 4Q eps after 2009 Q4 result announced = 0.0628*4 = 0.2512, estimate PE on current price 2.72 = 10.54(DPS 0.073)
- From date 2009-11-26 to 2010-02-25 after 2009 Q3 result announced, highest price on 2010-01-05 was 2.95 and lowest price on 2010-02-19 was 2.67. Estimate next 4Q eps = 0.0629*4 = 0.2516, estimate highest/lowest PE = 11.45/10.33 (DPS 0.07)
- From date 2009-08-27 to 2009-11-25 after 2009 Q2 result announced, highest price on 2009-09-08 was 2.92 and lowest price on 2009-10-05 was 2.71. Estimate next 4Q eps = 0.0577*4 = 0.2308, estimate highest/lowest PE = 12.35/11.44 (DPS 0.07)
- From date 2009-05-28 to 2009-08-26 after 2009 Q1 result announced, highest price on 2009-07-28 was 3 and lowest price on 2009-06-23 was 2.53. Estimate next 4Q eps = 0.0481*4 = 0.1924, estimate highest/lowest PE = 15.23/12.79 (DPS 0.07)
- From date 2009-02-26 to 2009-05-27 after 2008 Q4 result announced, highest price on 2009-05-25 was 2.79 and lowest price on 2009-03-20 was 1.9.
- Divident in sen 2009 = 0.073 (recommended 4.3 sen on Q4 and declared 3 sen on Q2), 2008 = 0.07 (declared 4 sen on Q4 and 3 sen on Q2), 2007 = 0.0648 (declared 3.6 sen on Q4 and 2.88 sen on Q2), 2006 = 0.15 (declared 3 sen on Q4 and 12 sen on Q2)

My study based on 2009 Q4 report (number in '000):
- ROE compare to last Q decreased 49.05% to 5.62%
- Revenue compare to last Q growth 2.55% to 2211000 but profit dropped 18.21% to 503000, mainly due to a 5% increase in the total mobile subscriptions and wireless broadband decreased by RM15 or 15% mainly due to launch of free 2-month subscription promotion packages and one time costs of approximately RM120 million relating to (i) the discount for shares issued to retail investors in relation to IPO of RM53 million, (ii) IPO listing expenses of RM24 million and (iii) higher finance costs of RM43 million; As compare to last year, revenue growth 16.61% and profit also growth largely, mainly due to higher mobile subscription base and higher tax charge for 2008
- Equity compare to last Q increased 685.11% to 8945000, assets increased 117.18% to 8945000 and liabilities also increased 25.22% to 8853000; As compare to last year, equity increased 486.94%, assets increased 466.82% and liabilities also increased 447.83%
- Got FCF 1848000, NCF -5000
- Profit margin compare to last Q decreased 5.78% to 22.75% but higher than last year 22.01%
- DE compare to last Q decreased 5.2947 to 0.9897 and also lower than last year 0.0707
- 6 sen dividend declared
- My estimate next 4Q eps after 2009 Q4 result announced = 0.082*4 = 0.328, estimate PE on current price 5.52 = 16.1(DPS 0.24)

Saturday, February 27, 2010

My opinion based on 2009 Q4 report (number in '000):
- ROE compare to last Q decreased 0.62% to 0.95% but higher than last year 1.51%
- Revenue compare to last Q dropped 3.39% to 2320097 and profit also dropped 3.38% to 244952. The UK casinos generated lower revenue as a result of lower business volume and lower win % due to poor luck factor. The decrease was further exacerbated by the weakening of the Sterling Pound against the Ringgit Malaysia. Plantation Division declined due to lower palm products prices and lower FFB production. Lower revenue from the Property Division was due to softer property market conditions. The profit of the Leisure & Hospitality Division has also been impacted by the significant increase in pre-operating expenses incurred by Resorts World Sentosa, mainly in relation to staff costs as the integrated resort begins to accelerate its recruitment, training, sales and marketing programs prior to its launch. Lower profit from the Oil & Gas Division was due to lower average oil prices and higher costs incurred. The higher profit from the Power Division was due mainly to the improved performance of the Meizhou Wan power plant which arose primarily from higher revenue and lower coal prices.
- As compare to last year revenue dropped 2.93% but profit growth 302.8%, The previous year loss had been due mainly to the GENM Group’s impairment loss of RM781.5 million on its investment in Genting HK. Property and Power divisions recorded higher revenue whilst the other business divisions recorded lower revenue.
- Equity compare to last Q increased 8.81% to 25712405, assets increased 9.84% to 43501048 and liabilities also increased 11.36% to 17788643; As compare to last year, equity increased 20.08%, assets increased 42.86% and liabilities also increased 96.84%
- Minority interest compare to last Q increased 19.13% to 11825274 and also higher than last year 31.81%
- FCF -3140558, NCF 5056851
- Profit margin compare to last Q decreased 4.85% to 10.56% but higher than last year 15.61%
- DE compare to last Q increased 0.0158 to 0.6918 and also higher than last year 0.2698
- 4.2 sen dividend recommended
- My estimate next 4Q eps after 2009 Q4 result announced = 0.0661*4 = 0.2644, estimate PE on current price 6.31 = 23.6(DPS 0.072)

Friday, February 26, 2010

My study based on 2009 Q4 report (number in '000):
- Revenue compare to last Q dropped 14.55% to 267100 and profit also dropped 199.72% to -9314, mainly due to lower sales and due to less efficient absorption of fixed costs particularly in the production entities; As compare to last year revenue growth 17.17% and profit also growth 80.32% mainly due to better costs control and working capital management and lower finance costs by refinancing of more expensive loans to less expensive ones
- Equity compare to last Q decreased 2.5% to 599584, assets decreased 4.74% to 1495648 and liabilities also decreased 6.19% to 896064; As compare to last year equity decreased 4.52%, assets decreased 0.37% and liabilities also decreased 4.52%
- Minority interest compare to last Q decreased 0.46% to 26856 but compare to last year increased 40.04%
- FCF -8190, NCF 14886
- DE compare to last Q decreased 0.0587 to 1.4945 and compare to last year also decreased 0.1729
- 2 sen dividend proposed
- From date 2009-11-27 to 2009-02-25 after 2009 Q3 result announced, highest price on 2010-01-05 was 1.46 and lowest price on 2010-02-25 was 1.24.
- From date 2009-08-20 to 2009-11-26 after 2009 Q2 result announced, highest price on 2009-09-07 was 1.64 and lowest price on 2009-11-05 was 1.34.
- From date 2009-05-28 to 2009-08-19 after 2009 Q1 result announced, highest price on 2009-08-10 was 1.72 and lowest price on 2009-05-28 was 0.97.
- From date 2009-02-28 to 2009-05-27 after 2008 Q4 result announced, highest price on 2009-05-08 was 1.01 and lowest price on 2009-03-16 was 0.595.
- Divident in sen 2009 = 0.02 (proposed 2 sen on Q4), 2008 = 0.02 (proposed 2 sen on Q4), 2007 = 0.11 (proposed 6 sen on Q4, 3 sen on Q2 and 2 sen on Q1), 2006 = 0.05 (proposed 5 sen on 2007 Q1)

LCL Corporation Berhad is an investment holding company engaged in the provision of management services to the subsidiaries. It operates in five segments: interior fit-out services, which provides interior fit-out works and services, including project management, design and consultancy, procurement, construction and installation; manufacturing of furniture, which is engaged in the manufacture of customised furniture and fixtures, generic furnitures; supply and installation of materials and fittings, which is engaged in the supply and installation of ceiling materials, metal fittings and fixtures and stone materials; trading of furniture and building materials, including interior fit-out materials, and others, which comprises investment holding and/or property development activities of the Company and certain subsidiaries.

My decision: NOT BUY
Reason: PN17, big loss

My opinion based on 2009 Q4 report (number in '000):
- Loss increasing too much to 334715 compare to previous quarter 25390, mainly attributed to the bad debts written off for old accounts having reached commercial settlement with the clients, one-off loss on disposal of properties and continuous down-sizing expenses incurred for Dubai operation

Monday, February 22, 2010

MBM RESOURCES BERHAD is an investment holding company. The Company’s operating businesses are organized into three business segments: investment holding; marketing and distribution of motor vehicles and other related activities, and manufacturing of automotive parts, trucks and vehicles body building and other related activities. It operates through several subsidiaries. Its subsidiaries include Daihatsu (Malaysia) Sdn Bhd (DMSB), which is engaged in the marketing and distribution of motor vehicles, spare parts and provision of related motor repair services; Summit Vehicles Body Works Sdn. Bhd., which is engaged in trucks and vehicles body building and general engineering works, and Galaxy Waves Sdn. Bhd. whichis engaged in investment holding. On March 31, 2007, it acquired a 16.35% interest in Federal Auto Holdings Berhad (FAHB), which increased its interest in FAHB to 86%. In August 2008, it disposed Auto Style Enterprise Limited and Sun Motors Limited to Med-Bumikar Mara Sdn. Bhd.

My study based on 2009 Q4 report (number in '000):
- ROE compare to last Q decreased 0.05% to 2.18% but higher than last year 0.5%
- Revenue compare to last Q growth 6.18% to 323832 and profit also growth 0.15% to 22525, mainly due to the Volkswagen dealership under Federal Auto Group commenced its first new operation in Petaling Jaya in December. The Japanese Yen moderated during the quarter, easing pressure on margins from trucks sales as well as contributions from associates; As compare to last year revenue growth 24.41% and profit growth 95.84%, mainly attributable to the recovery in all the business segments and favourable foreign exchange rates
- Equity compare to last Q increased 2.47% to 1032834, assets increased 2.6% to 1143357 and liabilities also increased 3.84% to 110523; As compare to last year equity increased 5.43%, assets increased 6.16% and liabilities also increased 13.46%
- Minority interest compare to last Q increased 1.38% to 136749 and compare to last year also increased 4.73%
- Got FCF 52951, NCF 25532
- Profit margin compare to last Q decreased 0.41% to 6.96% but higher than last year 0.86%
- DE compare to last Q increased 0.0014 to 0.107 and compare to last year also increased 0.0076
- 3 sen dividend declare
- My estimate next 4Q eps after 2009 Q4 result announced = 0.0931*4 = 0.3724, estimate PE on current price 2.7 = 7.09(DPS 0.06)
- From date 2009-11-06 to 2010-02-11 after 2009 Q3 result announced, highest price on 2010-01-20 was 2.7 and lowest price on 2009-11-30 was 2.4. Estimate next 4Q eps = 0.0916*4 = 0.3664, estimate highest/lowest PE = 7.21/6.39 (DPS 0.06)
- From date 2009-08-07 to 2009-11-05 after 2009 Q2 result announced, highest price on 2009-10-23 was 2.48 and lowest price on 2009-09-10 was 2.1. Estimate next 4Q eps = 0.0568*4 = 0.2272, estimate highest/lowest PE = 10.65/8.98 (DPS 0.06)
- From date 2009-05-15 to 2009-08-06 after 2009 Q1 result announced, highest price on 2009-08-06 was 2.37 and lowest price on 2009-06-02 was 2.1. Estimate next 4Q eps = 0.0381*4 = 0.1524, estimate highest/lowest PE = 14.37/12.6 (DPS 0.18)
- From date 2009-02-25 to 2009-05-14 after 2008 Q4 result announced, highest price on 2009-03-03 was 2.49 and lowest price on 2009-03-17 was 1.95. Estimate next 4Q eps = 0.0672*4 = 0.2688, estimate highest/lowest PE = 8.59/6.58 (DPS 0.18)
- Divident in sen 2009 = 0.06 (declare 3 sen on Q4 and declare 3 sen on Q2), 2008 = 0.18 (declare 6 sen on Q4 and declare 12 sen on Q2), 2007 = 0.12 (declare 6 sen on Q4 and declare 6 sen on Q2)

My study based on 2010 Q3 report (number in '000):
- ROE compare to last Q increased 0.11% to 1.67% and also higher than last year 3.06%
- Revenue compare to last Q dropped 4.3% to 2013533 and profit also dropped 2.91% to 79678, mainly due to decline in domestic sales volume and higher promotional costs required to drive sales; As compare to last year revenue growth 30.98% and profit growth 206.7%, mainly due to domestic sales volume growth and better profit margins on he strength of sales of the Exora, Persona and Saga
- Equity compare to last Q decreased 9.7% to 4762078, assets decreased 4.74% to 6740442 but liabilities increased 9.81% to 1978364; As compare to last year equity decreased 11.62%, assets decreased 7.71% but liabilities increased 3.26%
- Got FCF 587940, NCF 450802
- Profit margin compare to last Q increased 0.06% to 3.96% and also higher than last year 8.82%
- DE compare to last Q increased 0.0738 to 0.4154 and compare to last year also increased 0.0598
- No dividend declared
- My estimate next 4Q eps after 2010 Q2 result announced = 0.1451*4 = 0.5804, estimate PE on current price 3.98 = 6.77 (DPS 0.05)
- From date 2009-11-24 to 2010-02-19 after 2010 Q2 result announced, highest price on 2010-01-21 was 4.33 and lowest price on 2009-11-24 was 3.71. Estimate next 4Q eps = 0.1494*4 = 0.5976, estimate highest/lowest PE = 7.16/6.12 (DPS 0.05)
- From date 2009-08-19 to 2009-11-23 after 2010 Q1 result announced, highest price on 2009-09-23 was 4.48 and lowest price on 2009-08-19 was 2.93. Estimate next 4Q eps = 0.0993*4 = 0.3972, estimate highest/lowest PE = 11.15/7.25 (DPS 0.05)
- From date 2009-05-30 to 2009-08-18 after 2009 Q4 result announced, highest price on 2009-08-11 was 3.06 and lowest price on 2009-06-22 was 2.61.
- From date 2009-02-28 to 2009-05-31 after 2009 Q3 result announced, highest price on 2009-04-21 was 3.12 and lowest price on 2009-03-18 was 1.5.
- Divident in sen 2009 = 0.05 (proposed 5 sen on Q2)

My study based on 2010 Q3 report (number in '000):
- ROE compare to last Q decreased 0.34% to 4.23% but higher than last year 3.18%
- Revenue compare to last Q growth 3.61% to 5337713 but profit drop 6.01% to 187245, mainly due to higher average product selling prices, higher sales volume and lower gross profit; As compare to last year revenue drop 4.02% but profit growth 340.88%, mainly due to lower average product selling prices and higher product gross profit
- Equity compare to last Q increased 1.75% to 4431593, assets decreased 3.6% to 7195074 and liabilities also decreased 11.09% to 2763481; As compare to last year equity increased 8.82%, assets decreased 1.83% and liabilities also decreased 15.97%

- Minority interest compare to last Q increased 2.67% to 34153 but lower than last year 31.41%
- Got FCF 858393, NCF 481668
- Profit margin compare to last Q decreased 0.36% to 3.51% but higher than last year 2.75%
- DE compare to last Q decreased 0.0901 to 0.6236 but compare to last year decreased 0.1903
- No dividend declared
- My estimate next 4Q eps after 2010 Q3 result announced = 0.1885*4 = 0.754, estimate PE on current price 8.58 = 10.74 (DPS 0.48)

Tuesday, February 9, 2010

My study based on 2010 Q3 report (number in '000):
- ROE compare to last Q increased 0.39% to 11.62% and also higher than last year 2.07%
- Revenue compare to last Q growth 10.42% to 148599 and profit also growth 12.37% to 37200, basically due to increase in demand and effective cost control; As compare to last year revenue growth 19.88% and profit also growth 67.36%, mainly due to continuous expansion in production capacity, increase in demand and more efficient production process, higher premium nitrile gloves, lower synthetic & natural latex price and favourable exchange rate
- Equity compare to last Q increased 7.87% to 320054, assets increased 2.99% to 449227 but liabilities decreased 8.59% to 129173; As compare to last year equity increased 37.44%, assets increased 23.96% but liabilities decreased 0.27%
- Minority interest compare to last Q increased 33383% to 248 and also higher than last year 108.4%
- Got FCF 95579 and NCF 51842
- Profit margin compare to last Q increased 0.43% to 25.03% and also higher than last year 6.36%
- DE compare to last Q decreased 0.0756 to 0.4036 and compare to last year also decreased 0.1526
- 5 sen dividend declared
- Divident in sen 2010 = 0.1 (declared 5 sen on Q3 and 5 sen on Q2), 2009 = 0.12 (declared 4 sen on 2010 Q1, declared 4 sen on 2009 Q4 and 4 sen on 2009 Q2)

Saturday, February 6, 2010

My study based on 2009 Q4 report (number in '000):
- ROE compare to last Q increased 3.06% to 16.2% and also higher than last year 1.32%
- Revenue compare to last Q growth 0.71% to 1247612 and profit also growth 0.98% to 246480, mainly due to higher net addition of new customers, lower allowance for doubtful debts and more efficient sales and marketing expenses; As compare to last year revenue growth 1.29% but profit dropped 12.67%, mainly due to reduced spending by low income segments affected by the economic slowdown during the year as well as competitive market conditions, increased

traffic and network operating costs, as well as mobile internet expansion costs and higher

allowance for doubtful debts contributed to the margin and increased amortisation charges related to the 3G spectrum and higher finance costs pertaining to additional borrowings taken up